The fate of the Community Opportunity to Purchase Act (COPA) has taken a dramatic turn. On December 31, 2025—his final day as Mayor—Eric Adams issued a veto of the legislation, alongside 18 other bills passed by the City Council.
In a statement, former Mayor Adams characterized COPA and the Council’s broader housing package as “reckless.” He argued that the bill would increase bureaucracy and create unfunded mandates that could discourage investment in the city.
FAC’s Executive Director Michelle de la Uz expressed her opinion about the bill, stating “The Community Opportunity to Purchase Act is a vital tool to combat displacement and preserve affordability in our neighborhoods. For decades, Fifth Avenue Committee has worked to ensure that low- and moderate-income New Yorkers can remain in the communities they helped build. COPA empowers mission-driven nonprofits like ours to compete with speculative buyers and ensure housing remains affordable for community residents for generations to come.”
What is COPA?
COPA is designed to level the playing field between deep-pocketed corporate investors and local community-based organizations. This would allow qualified nonprofit organizations—or joint ventures led by nonprofits— a “first opportunity” to submit an offer on certain residential properties when an owner decides to sell.
This “first opportunity” occurs before the property is placed on the open market, giving local organizations a head start to secure buildings that might otherwise be flipped into high-rent luxury units.
Preserving Social Housing
The primary goal of COPA is the preservation of existing affordable housing. By shifting ownership from speculative venture capitalists to community-led nonprofits, COPA aims to:
- Prevent Displacement: Keeping long-term residents in their homes by stabilizing rents.
- Expand Social Housing: Increasing the stock of social housing—properties owned and managed for the public good rather than private profit.
- Ensure Permanent Affordability: Unlike many private developments with expiring tax breaks, nonprofit-owned buildings often maintain affordability indefinitely.
What Happens Next?
The City Council now has a 30-day window to vote to enact the law. Speaker Julie Menin has signaled a willingness to lead override efforts on key housing and justice-related bills.
If overridden, COPA would finally grant nonprofits the “first opportunity” to purchase residential buildings, a tool advocates say is essential for the new administration to meet its ambitious housing goals.
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